EUR/GBP – 1H – SELLThe pair Euro/British Pound (EUR/GBP) jumps from the bullish trendline downwards
A bearish descent down to the next support level at 0.82773 will persist.
Caution: A possible trend reversal in the direction of the resistance level at 0.83119 is also possible.
Consider stop-loss settings accordingly.
Correction of the major bullish trend broke the Fibonacci 0.24-Level.Continuation of the current descending trend will persist. Current target is 0.826805 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support zone at 0.83119 is also possible.
Consider stop-loss settings accordingly.
Next a ‘Three Outside Down’ candle pattern is discovered. The candles form ‘Three Outside Down’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.83272 |
| 2nd High | 0.83141 |
| Next High | 0.83119 |
| Current Price | 0.82792 |
| Next Low | 0.82773 |
| 2nd Low | 0.82770 |
| 3rd Low | 0.82705 |
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Three Outside Down